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CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

DOW JONES NEWSWIRES CSC's (CSC) second-quarter earnings fell 15% as the information-technology company reported weaker revenue and margins along with sharply higher taxes. It raised its profit target for the year by 5 cents to $5.35 to $5.45 a share but lowered its revenue view to $16.5 billion to $17 billion from $16.8 billion to $17.2 billion. The information-technology services company, which provides services from consumer-credit information to online-data security, has benefited from increased IT outsourcing. For the quarter ended Oct. 1, CSC reported a profit of $184 million, or $1.18 a share, down from $216 million, or $1.40 a share, a year earlier. Revenue decreased 1.6% to $3.98 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.17 on revenue of $4 billion. Gross margin fell to 20% from 20.4%. CSC's managed-services segment, which is its largest by revenue and which mainly covers government contracts, saw revenue edge up 0.1%. Its North American public-sector business reported revenue declined 4.5%. Shares closed Tuesday at $48.79 and were down 1.4% premarket to $48.10. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for Computer Sciences (CSC)
DateTimeHeadline
07/30/201518:19:41Amended Statement of Changes in Beneficial Ownership (4/a)
07/29/201519:04:00Statement of Changes in Beneficial Ownership (4)
07/29/201516:51:31Pentagon to Award Health-Record Contract
07/28/201517:24:43Current Report Filing (8-k)
07/28/201515:00:00CSC Named a Leader in IDC MarketScape: Asia/Pacific Managed Security...
07/27/201516:15:00CSC to Report First Quarter 2016 Results on Tuesday, August 11...
07/23/201516:30:00CSC and HCL Form Joint Venture to Deliver Digital Software and...
07/20/201516:33:52Statement of Changes in Beneficial Ownership (4)
07/20/201516:33:52Statement of Changes in Beneficial Ownership (4)
07/17/201514:21:21Statement of Changes in Beneficial Ownership (4)
07/13/201516:10:00CSC Announces Filing of Form 10 for Planned Spin-off of U.S...
06/29/201516:48:15Annual Report of Employee Stock Plans (11-k)
06/26/201516:08:18Additional Proxy Soliciting Materials (definitive) (defa14a)
06/26/201516:07:24Proxy Statement (definitive) (def 14a)
06/22/201516:32:10Initial Statement of Beneficial Ownership (3)
06/17/201508:00:00Raytheon and CSC in teaming agreement for Army Training Program
06/16/201519:56:48Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:48Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:47Statement of Changes in Beneficial Ownership (4)
06/16/201519:56:19Statement of Changes in Beneficial Ownership (4)

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